(Reuters) - Royal Dutch Shell (RDSa.L) has launched talks with investors to secure support for its plan to relocate its headquarters from the Netherlands to Britain, sources said, as a leading advisory recommended backing the move at a December vote. Shell said this month it would scrap its dual Anglo-Dutch share structure and move its head office to London... Continue Reading →
Oil prices retreat in face of supply and demand pressures
(Reuters) - Oil prices fell on Monday as rising COVID-19 cases in Europe and a potential release of Japanese oil reserves raised concerns about both oversupply and weak demand. Brent crude was down 56 cents, or 0.7%, at $78.33 a barrel at 1157 GMT and U.S. West Texas Intermediate (WTI) crude fell 54 cents, or... Continue Reading →
Spike in Amazon deforestation draws shock, ups pressure on Brazil
(Reuters) - Diplomats expressed shock and disappointment on Friday at new data revealing higher-than-expected deforestation in Brazil's Amazon this year, saying it increases pressure on President Jair Bolsonaro's government to do more to stop the destruction. Evidence that Brazil sat on the data for three weeks before announcing it also drew outrage from non-governmental organizations. The... Continue Reading →
Oil dives 3% to below $80/bbl on resurgent pandemic in Europe
(Reuters) - Oil prices fell about 3% to below $80 a barrel on Friday as surging COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices. Brent futures for January fell $2.35, or 2.9%, to settle at $78.89 a... Continue Reading →
Oil drops below $80 on European COVID concerns
(Reuters) - Oil prices dropped below $80 a barrel on Friday as a fresh surge in COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool energy prices. Brent crude was down $1.54, or 1.9%, at $79.70 a barrel by... Continue Reading →
No Plans to Join OPEC, Brazil’s Energy Minister Says
Brazil has no plans to join the Organization of the Petroleum Exporting Countries (OPEC) for now, although it is working with the producer group, its energy minister said on Wednesday. Brazilian President Jair Bolsonaro said in 2019 he wanted his country to join OPEC, a move that would likely require Brazil, a growing producer and... Continue Reading →
IEA revises up 2022 average oil price assumption to $79.40 a barrel
(Reuters) - The International Energy Agency (IEA) on Tuesday upped its assumption for the 2022 average Brent crude oil price to $79.40 a barrel and $71.50 a barrel this year. "We publish our price assumptions when we think that this can be useful for the understanding of our forecast," the IEA said in a statement... Continue Reading →
Oil extends losses triggered by U.S. inflation fears
(Reuters) - Oil prices dropped to $82 a barrel on Thursday, extending sharp falls triggered by concerns that rising U.S. inflation could prompt Washington to release more strategic crude stockpiles to drive down prices. Brent crude futures lost 64 cents, or 0.77%, to $82 a barrel by 1200 GMT after rising to $83.37 in morning... Continue Reading →
U.S. projects oversupplied global oil markets by early 2022
(WO) --The U.S. government projected that the global oil market will become oversupplied and prices will fall by early next year, cooling expectations that the White House may tap the nation’s emergency reserves. Supply increases next year from OPEC nations as well as U.S. drillers will ultimately pressure prices lower. The U.S. benchmark crude will... Continue Reading →
Oil Price Rises after OPEC+ Rejects Call for More Supply
Oil prices rose more than 1% on Friday, staging a partial recovery after OPEC+ producers rebuffed a U.S. call to raise supply and instead maintained plans for a gradual return of output halted by the pandemic. Brent crude rose 82 cents or just over 1% to $81.36 a barrel by around 0146 GMT, after falling... Continue Reading →
Brazil Energy Insight 